Plum Raises $9 Million Series A Led By Khosla Ventures

July 13, 2017

PLUM RAISES $9 MILLION SERIES A LED BY KHOSLA VENTURES TO TRANSFORM WINE BY THE GLASS AT HOME AND LUXURY HOTELS

Joe Berger, President of the Americas at Hilton Hotels & Resorts, Joins the Plum Board of Directors as Company Expands into Hotel Market

Palo Alto, CA, July 13, 2017 – Plum, the company that introduced the first appliance that automatically preserves, chills and serves wine by the glass, today announced it raised a $9 million Series A, led by Khosla Ventures. Las Olas Venture Capital and several notable angel investors across technology, wine and hospitality also participated in the round. Additionally, Plum has appointed hospitality industry veteran Joe Berger to its board of directors. Berger is currently Executive Vice President and President of the Americas for Hilton Hotels & Resorts, responsible for the operations functions of more than 350 corporately managed Hilton hotels and Hilton Grand Vacation resorts.

“The support from investors of this caliber is a welcome validation of our core mission to let people enjoy a single perfect glass of wine on demand in their homes and hotel guest rooms,” said David Koretz, founder and CEO of Plum. “Joe will be invaluable as a new board member given his long track record as a leader and world-class operator in the hotel sector, particularly as Plum expands further into the hotel market.”

Plum will use this financing to fuel its mission to transform the way consumers enjoy wine at home, as well as its expansion into the luxury hotel sector, bringing wine by the glass into hotel guest rooms. Plum has already signed deals with the sector’s most iconic brands, including properties under the Four Seasons, Marriott, SBE Group, Langham, Hyatt, Hilton, and Rosewood flags.

“There is an incredible need for innovation inside the hotel room to surprise and delight guests and elevate their experience with each stay,” said Berger. “I have tremendous respect for David, and look forward to working with the Plum team to scale the hotel business.”

The Plum for Hotels program brings on-demand, in-room wine by the glass to guests, offering guests an innovative service amenity and giving hotels a new in-room profit center.

“Plum is transforming the consumer wine experience through a beautiful countertop appliance, which has been well received by hospitality veterans, wine enthusiasts and investors.” said Benjamin Ling, general partner at Khosla Ventures. “We are proud to back an incredible entrepreneur like David in his new endeavor.”

“Plum revolutionizes the concept of wine by the glass at home and hotels,” said Mark Volchek, a founding partner at Las Olas Venture Capital. “Hoteliers will be able to unlock new incremental revenue streams, and David is an experienced entrepreneur who has a strong track record of success, and we are excited to be backing him on his latest venture.”

About Plum

Plum, founded by David Koretz and backed by world-class investors, is dedicated to transforming how consumers enjoy wine from the bottle to the glass. Plum’s flagship product reflects our mission of delivering the perfect glass of wine on demand, every time – preserved and at the ideal serving temperature. Plum, Inc. is headquartered in Dania Beach, Florida with offices in Palo Alto, California. www.plum.wine.